Field Building Revitalization Partners LLC has received approval from the City Council for $98 million in Tax Increment Financing (TIF) to support the conversion of the Field Building at 135 S. LaSalle St. in downtown Chicago. The project, with a total budget of $241.6 million, aims to transform about 485,000 square feet of commercial space into 386 residential units. Of these, 116 units will be designated as affordable housing for households earning an average of 60% of the area median income.
The redevelopment plan also includes upgrades to 92,000 square feet of ground and lower-level commercial space. These areas are expected to accommodate a grocery store, health center, and medical office. City assistance will come from the LaSalle Central TIF district.
The Field Building, an Art Deco high-rise completed in 1934 and recognized as a Chicago landmark since 1994, will maintain some commercial uses on its upper floors. The project is part of the Loop Revitalization Initiative, which supports six adaptive reuse proposals in the area. Together, these projects represent over $900 million in investments and are set to create 1,765 units of mixed-income housing.
